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Technology
Dec 5, 2018

What is EMV and Am I Liable?

Sponsored Content provided by Kyle Thorpe - Vice President of Operations, Infinity Payment Systems

EMV chip technology has been rolling out to consumers and merchants all over the United States. 

As of Oct. 1, 2015, if you have not adopted chip technology, you may be liable for the full amount of the transaction. Understanding how this liability shift affects your business can help protect you from liability exposure.


Scenario 1: A traditional magnetic stripe card with no EMV is swiped by the merchant with a magnetic stripe terminal.

If the purchase is a counterfeit transaction, the merchant is generally not liable.
 

Scenario 2: A chip card is used at a traditional magnetic stripe-only terminal.

If the purchase is a counterfeit transaction, the merchant now holds the liability because the issuer has already made the investment in chip technology to make transactions more secure, while the merchant did not invest in upgrading terminals to accepting chip (EMV) cards.
 

Scenario 3: A chip-enabled card was inserted to a chip-enabled terminal that has been activated by the merchant.

If the purchase is a counterfeit transaction, the merchant is not liable, and the issuer continues to bear the responsibility of counterfeit fraudulent activity. 

Note: The best part is that when both parties adopt chip, overall in-store counterfeit fraud is virtually eliminated due to the security benefits of chip technology.

If you have not activated your chip reader or do not have a chip reader, feel free to call Infinity at (910) 399-5551 to be set up to do so.

Infinity Payment Systems is a family-owned payment processing solutions provider operating in Wilmington, North Carolina. As a processing provider, our goal is to help our clients meet the needs of customers for flexible, easy, and secure payment options. We are committed to partnering with our commercial accounts so they may grow their business by cutting cost, increasing sales and getting a better share of the market. We do this through the technologies, after-service, and consultations we provide that assist in making an easier and more efficient way of doing business. We have the knowledge and experience to be considered an authority in the industry. Our clients can trust us to be highly professional and accountable in our services, protecting their interests at all times. You can be sure that you can have peace of mind once you partner with us because our service does not end but starts only after we make the sale. We will take care of you like you take care of your own customers. For further information about our products or to have a free analysis of your current processing statement, you may call us for a consultation at 800-706-7591 or email [email protected] for more information.

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